Raoul Pal Bitcoin – Crypto Is Taking Over Finance – Sept. 1, 2021
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In this video, Raoul Pal explains why the cryptocurrency is the solution to things in this era of unprecedented technological innovation. He also laments reports of prolonged global economic slowdown. Here is the summary of the interview:
Everything is being driven by secular forces. That is demographics, deflation, technology, and globalization. And the outcome of that is a cryptocurrency, specifically designed to get us around the problems of the financial system that is now broader. And it has offered itself as a solution to the macro problems in the world’s most indebted global economy in world history. We are also dealing with globalization scales and technology.
But then, technology keeps rearing its head because it’s a huge driver here. It’s replacing jobs at an alarming rate. It’s also creating opportunities at an unprecedented rate in all human history. So, all these are combining to create the exponential age.
The technology in the exponential age is a bunch of network adoption models, all combining in their network adoption, exponential trends, to create all these. In the next 10 years, the change will be unprecedented from genetic sciences to green energy to robotics to distributed computing paths, the internet of things, 3D printing, space travel, 5G, Space WiFi. It’s all the information layer coming together.
Even genetics is now an information layer. It looks very similar to modern software. If you put all these together, the world is going to be scary and difficult to navigate. When Real Vision was started, it was like this was the end of the world. But seven years later, it’s just part of our world.
About the economic slowdown and its impact on asset prices, the forward-looking data show that in the US, China, Japan, and a few other countries, things are slowing down significantly. The Citibank Economic Surprise Index of data in the US is now firmly negative. It’s also negative in China and Europe. So, the report is not as good as we expected. Also, Buying Climate from the University of Michigan is the worst ever in recorded history. We’re seeing a whole bunch of stimulus roll-off and moratoriums in the next week or two. In the bond market, yields have started slowing off and everyone is screaming inflation.
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Credit: Real Vision Finance (Full unedited video)
ORIGINALLY POSTED: September 1, 2021
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